Project Management – Risk Management

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There are a few things to consider when identifying risks in the project. Risk is known as some future happening that leads to changes in the environment. It has associated with it a loss can be estimated, the probability that the event will occur, which can be estimated, and a preference on the part of the project team manager on what to do, if anything, to reduce risks and reduce losses that will occur.

During the project planning process, risk assessment is usually completed with the development of the business case is reviewed and updated by the project team. The risk assessment is a formal estimate of the probability of project success. Risk assessment is an obvious effect on management style, team structure, the use of methodologies, strategies for development of the system, and, last but not least, the business decision to approve the project.

Simply, the greater the risk of the project, the greater the likelihood that the plans, schedules, and planning will be wrong and that the project will bring “out of control”. The risk of a project may be the based on the following;

  • What are the risks
  • ?

  • What are the chances of losses caused by them?
  • How much the losses are likely to cost?
  • What could be a loss if the worst happens?
  • What are the alternatives?
  • How can the loss be reduced or eliminated?
  • will produce alternative other risks?

The business decision is to assess the expected loss with the cost of defraying all or some of the loss and then take appropriate action.

It is mandatory, the system development process, especially in project planning, project consider these risks task criteria using the formal questionnaire developed to reduce the risk list. If the project considers a combination of these factors is important and contributes to the degree of risk of the project, he or she is encouraged to consider the following actions

  • Take steps to limit the scope of the project to reduce its complexity
  • Document area complex in the project plan and allow for more time / resources
  • Raise Risk formal Memorandum that details high-level elements, identifies the potential impact of their activities / available to reduce the impact or reduce the risk factor.

It is important that risk management project is considered a preventive measure. For example, before the start of the full development cycle, the project should negotiate with the Steering Committee, the key stakeholders and strengthen to reduce high-risk factors.

To increase the probability of project success, the project team must put in place a plan that identifies the risks and measures to reduce the risks. The management and minimization of project risks is the responsibility of all parties involved in the project.

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